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It’s a flat market out there so if you are going to sell your home in a reasonable timescale you need to make sure you give yourself the best chance.

Here are the next 5 tips on selling your house

11. Access is essential

Homes that don’t get shown don’t get sold. Don’t make it difficult for the agent to make viewings. If you have very restrictive timeframes, or make prospective purchasers book viewings way in advance your property is less likely to sell.

12. Showing a Property

You are paying an estate agent to do this, so let them do their job and stay out of the way.

If you are showing the property yourselves. Don’t unnecessarily point out problems. Do point out positives. Also make sure you allow them time to look around the house on their own.

On a first viewing be friendly but professional and don’t overload viewers with detail.

13. Choosing the Best Buyer

The person who offers the most is not always the best choice. Try and find out as much as you can about the buyers financial circumstances.

Cash buyers are best but if they are arranging a mortgage ask to see an “agreement in principle”.

If they have something to sell then their property should be “under offer” before you take your property off the market.

First time buyers with finance arranged can be great news because they have nothing to sell. However, they will be inexperienced so this can delay the process especially if they are trying to go it alone without a broker.

Find out what your buyers agenda is, does this match your own? Do they want to complete as soon as possible or are they fairly relaxed. You may want the latter if you are yet to locate a property.

14. Accepting the offer

Your agent should present every offer to you. Make sure your agent has all the background information about the buyer’s position and their ability to move quickly. Also get all offers in writing.

Usually there is an element of negotiation, so make sure you know the lowest figure that you will accept.

Also know what items you are happy to leave behind. Curtains, furniture and white goods can all be used as bargaining chips.

15. Holding it all together

Make sure communication channels are kept open. It is important you speak to your estate agent and solicitor on a weekly basis. If things are dragging on a little, try to find out what is causing the hold up, also ask the estate agent to speak to the buyer to gauge their motivation / level of commitment.

I’m done with House selling tips – I hope they help… next week something different!

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

It is the biggest purchase of your life – let’s make sure that you get it right!

Here are the first 5 tips to buying a new home

1. Get financial advice – Day one. I was deliberating this one because I am a broker and I did not want to use this thread to “sell my services”. However what is the point in going shopping without any money?!?

A good Broker can tell you how much money you are going to need for a deposit and fees. He can also work with you to find out how much you can afford and how much you can borrow.

If you are not ready yet he can help draw up a plan to get you in a position to purchase, or if everything “fits” – he can get you an Agreement in Principle from the Lender.

2. List all of the costs

Deposit required

Varies

Mortgage Arrangement fee –

Typically £500 – £1500

Valuation Fee

Typically £200 – £300

Legal Fees

Typically £800 – £1000

Stamp Duty

1% of the purchase price over £125,000, 3% over£250,000 as so on

Surveys

More detailed surveys cost more money typically £400 – £800

Removals

Depends on distances involved

House repairs and furnishings

You’ve bought the house, now it’s time to fill it up. Don’t leave yourself so broke you have to sit on the floor!

3. Make a list of Needs and Wants

The Needs are what a property must have. For instance, if it has to have a minimum 3 bedrooms what’s the point in seeing one with 2?

The Wants are what you would like the property to have. You want to find a property with as many of these as possible, but if a property didn’t have some of these it wouldn’t necessarily be a deal breaker.

Just remember to be realistic, if you can’t find that 5 bed Town House in Kensington for £250,000 then perhaps you need to lower your sights.

When you are seeing loads of properties this will help you to keep track and short list those ones for a second viewing.

4. Don’t be shy – in the UK we don’t like to haggle but as the saying goes if you don’t ask you don’t get.

So, these are the golden rules….

Set a maximum / “walk away” price.

It is all too easy to get carried away whilst bidding but make sure you set a maximum price you are prepared to pay for the property.

Start low.

Put in a “cheeky offer” say 10% – 15% below asking price, if you have someone who wants to move in a hurry they might say yes!

If they say no – ask them what they would accept. Then you can always put in another higher offer…. just remember to walk away when you hit your maximum price.

Usually you will meet somewhere in the middle.

Maximise your position.

If you are a first time buyer with no property to sell, tell them that it means you can move quickly.

Tell them you have your finance arranged and have an Agreement in Principle with Solicitors all tee-d up and ready to go.

Tell them you have a highly motivated broker ( I’m sure I know one of those) who can get everything tied up quickly.

5. Arrange a Mortgage in Principle*

I know I touched on this earlier but the reasons for doing this are important:

1) It gives you a much more accurate reflection on how much you can borrow. A lenders calculator or a comparison site will only give a very rough indication.

2) It stops you falling in love with a property you can’t get the finance for.

3) It strengthens your buying position and show’s you are serious.

4) It can put an end to any Estate agent – “you have to sit down with our adviser……” tricks.

5) It allows you to move fast instead of losing out on a property.

6) We know in advance if there are any issues on the credit file and arrange a plan to sort them.**

*Be careful about obtaining an agreement in principle from multiple lenders as this could stop you getting any finance for a period of time.

**Did you know a single late payment on a credit card will mean some lenders will not lend to a First Time Buyer

5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

It is the biggest purchase of your life – let’s make sure that you get it right!

6. What’s in the Neighbourhood?….

Do you like the local shops?

Is there graffiti on the walls?

What are your priorities? – What do you need in walking distance: Good schools, Pubs, shops,….?

Are there parks and open spaces?

Pop in to the local police station or ask the local bobby.

One of my clients thought it was wonderful to live down the road from a pub……that was until he found out that the local youths drunken pass time was to run across the roofs of cars on their way home. Unfortunately he had a convertible!!…..

7. The top ten things to ask the sellers:

1.Who lives upstairs/ downstairs, next door?

2.Have there been neighbour disputes?

3.How long has it been on the market and how many viewings / offers have they had?

4.If it is a flat – how long is the lease, how much is the ground rent/ maintenance charge?

5.How long have they lived there and why are they moving?

6.When was it rewired, how old is the boiler and when was it last inspected?

7. Have they found a property? If so how many people are in the chain?

8.Have there been any structural problems?

9.What is included in the sale?

10.What renovations have been done?

8. View at different times of the day/ week

Does a quiet road on a Sunday become a noisy speed track on weekdays?

Is it quiet in the day because the neighbours are at work only to play loud music at deafening volumes until the late hours?

….Do yourself a big favour and arrange a few viewings at different times

9. Take photos with your mobile

This can help you keep track when you are viewing many properties

10. Check out the neighbours

It’s useful to find out who you will be living next to, also chat to neighbours who may be a little further away as they are more likely to be honest. They are less likely to be friends with the neighbours or anxious to get shot of them.

5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

It is the biggest purchase of your life – Let’s make sure that you get it right!

11. Work out what you can afford

What you can borrow and what you can afford are 2 different things.

If you are going to stretch yourselves to buy the biggest property you can afford, will you be happy with the compromises to your lifestyle such as socialising less?

Would you be more comfortable spending less and having more disposable income?

This is where a Broker can really help. They can provide “real–world” figures and help you define a realistic budget you are comfortable with.

12. Private deal

If you see a road you would really like to live down, why not write a nice letter and post it through the letterbox’s of houses that you like. Owners may be keen to sell because they won’t have to pay an Estate Agent’s fees. This can really work!!

13.Buying at auction

The Golden rule regarding buying anything at auctions is to go a couple of times before you want to buy – just to get a feel for things.

Make sure you get a full survey to make sure you know what you are buying.

Get a solicitor to check for legal issues

Have a maximum “walk away” price for the property and STICK TO IT!

This is different to a normal purchase – as soon as the hammer goes down it will cost a fortune to pull out

You will have to pay a 10% deposit, YOU WILL LOSE THIS IF YOU DONT COMPLETE WITHIN THE ALLOTED TIME (USUALLY 4-6 WEEKS)

Use a broker to arrange the finance first. The lender he selects may not be based solely on the lowest rate but also the ability to complete quickly.

If you have a property to sell then make sure you have completed on the sale before going to auction. As a delay could cost you BIG!

14. Ask them to take the property off the market

Make your offer conditional on the basis that they take their property “off the market”. This will help to stop you being gazumped (where a seller accepts a higher offer having accepted a lower offer).

Either part can pull out right up until exchange of contracts.

15. Minimise your financial exposure

Some property chains are simple -if it’s just you and the seller and both you of you want to complete as quickly as possible then you can pull out all the stops.

However most property chains are more complex and may take longer to form. As soon as you put in an application with a lender they will carry out the valuation/ Survey. This could be up to £1000 (depending on type), the way I work with my clients is to hold off on this until the chain forms. If the chain collapses then you haven’t lost the survey fee.

The same goes with search fee’s (£200 – £250). Get the mortgage offer in place and make sure the chain is fully formed before you fork out!

5 More Home Buying Tips in the next blog………….

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived. Being independent we also offer a “fee only” option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Constant Mortgage and Financial Services is an Appointed Representative of Mortgage Intelligence Ltd which is authorised and regulated by the Financial Conduct Authority under number 305330 in respect of mortgage and insurance mediation activities only.

Your initial mortgage consultation is obligation free. There may be a fee for our mortgage service of up to £395 though in some circumstances this may be waived.
Being independent we also offer a "fee only" option which is typically 1% of the amount borrowed and any commission derived from the lender is returned to you. The precise amount will depend on your circumstances and mortgage loan amount, and will be discussed and agreed on before you make a mortgage application.